Interest rates remain at historic lows and the housing market continues to steadily recover, creating a strong environment for buying a home.
This doesn’t mean the timing is right for everyone, but you may already be doing these five things that show you could be ready to move toward homeownership. And, unless you have significant amounts of cash on hand, that means you’ll need to get a mortgage.
And so, this article in The Globe and Mail outlines the five signs you are ready for a mortgage.
1. You are making the right financial strides
“If they have already started saving toward a down payment, that is a great sign,” said Jeffrey Baker, a real estate agent with Sutton Group in Montreal. “They have either been saving aggressively over a certain length of time and given themselves a target for the amount that will be their down payment. Or they will have had a meeting with a financial adviser or bank, who has shown them the amount they can realistically spend.”
2. You are creating a firm budget
“A well-educated first-time buyer needs to know their budgets to know where they stand,” said Russell Westcott, vice-president of Vancouver-based Real Estate Investment Network.